PMI is a Delaware corporation founded in 1972. Prior to its bankruptcy filing in November 2011, it was primarily engaged through the operations of its wholly owned subsidiary, PMI Mortgage Insurance Co., an Arizona incorporated and domiciled insurer and its direct and indirect subsidiaries (collectively, “MIC”), in the business of providing mortgage insurance to lenders and other financial entities domestically and in certain countries abroad. Although PMI retains its 100% equity interest in MIC, MIC continues to operate under the exclusive control of the Arizona Insurance Department and the jurisdiction of the Receivership Court and is no longer writing new policies.
On October 1, 2013, PMI emerged from bankruptcy. PMI continues to pursue opportunities to enter into strategic transactions to maximize the long-term value of the Company for its shareholders.
SHAREHOLDERS AND INTERESTED PARTIES ARE ADVISED THAT THE CERTIFICATE OF INCORPORATION OF PMI CONTAINS SIGNIFICANT RESTRICTIONS ON THE ACQUISITION AND DISPOSITION OF SHARES BY HOLDERS, INCLUDING INDIVIDUALS AND ENTITIES ACTING IN CONCERT, OWNING (OR UPON ACQUISITION WOULD OWN) 5% OR MORE OF THE SHARES OF PMI.